Bitcoin and Liberty Reserve

[jubalix]

i cant believe these LR people werent keeping 90% of funds in BTC.

This looks like a lot of business coming BTC's way

[bit777]

  Re: So How Much U Lost Today?
1xx,xxx

I cashed out all of my bitcoins to LR while I was figuring out the best way to get it into my bank account while paying the least taxes.

Insane people.. How could you trust LR with hundreds of thousands...just insane.

[Mazakguy]

I love it. The more you lost the better!!

Thats what greedy people get.

[aceking]

Dubbed the “financial hub of the cyber-crime world,” authorities say Liberty Reserve had more than 1 million users worldwide and processed more than 12 million transactions annually as the favored money-laundering service for carders, hackers and other cybercriminals in the digital underground who used it to transfer money around the world effortlessly and anonymously.
http://www.wired.com/threatlevel/2013/05/liberty-reserve-indicted/

Liberty Reserve served all the good people.

[OpenYourEyes]

It's been on the news quite a bit today, and it's quite funny how now they all label LR as a "digital currency".
My bet is the USA govt. is trying to associate, in people's minds, the word digital currency with illegal shit, and/or force all the scum that used LR over to Bitcoin. Pretty easy for them to target Bitcoin then.

[jbreher]

I'd not gloat too greatly about the demise of LR.

The powers that be are creating new doctrine, which they will inevitably use -- when fully developed -- to outlaw aspects of our Bitcoin system. True, we're decentralized. However that only makes us difficult to seize - not beyond the law.

Let us not forget that the entire doctrine of 'money laundering' being something illegal unto itself is a relatively recent development.

[JackH]

Remember they still have not moved against Bitcoin, because they dont really know how to. Now with LR gone, we can expect to see some fresh money flowing in, and even more people to secure the network validation.

[crazy_rabbit]

Remember they still have not moved against Bitcoin, because they dont really know how to. Now with LR gone, we can expect to see some fresh money flowing in, and even more people to secure the network validation.

Exactly! Let the government Liquidate Bitcoins' competition for us. It's great news.

[alyssa85]

Remember they still have not moved against Bitcoin, because they dont really know how to. Now with LR gone, we can expect to see some fresh money flowing in, and even more people to secure the network validation.

To me it looks like they've opened mt gox's "how to deposit" page and are going through it item by item.

Dwolla - check
Liberty Reserve - check
OKPay - dealings with mtgox suspended in last 24 hours - check

Which just leaves people in Europe making SEPA deposits...

Am I being overly cynical?

It may come to Americans having to travel to Europe to open bank accounts with an international bank, to get their money out (they can then do an internal transfer via their bank to their American account.

[leopard2]

Remember they still have not moved against Bitcoin, because they dont really know how to. Now with LR gone, we can expect to see some fresh money flowing in, and even more people to secure the network validation.

To me it looks like they've opened mt gox's "how to deposit" page and are going through it item by item.

Dwolla - check
Liberty Reserve - check
OKPay - dealings with mtgox suspended in last 24 hours - check

Which just leaves people in Europe making SEPA deposits...

Am I being overly cynical?

It may come to Americans having to travel to Europe to open bank accounts with an international bank, to get their money out (they can then do an internal transfer via their bank to their American account.

I disagree, Americans can just use wire transfers as a funding method. SWIFT transfers as a funding/withdrawal method. Or localbitcoins.

Apparently the issue with the intermediarys is that they have a stable currency (stable vs fiat) but can be shut down by the evil empire. Btc on the other hand is volatile but hard to shut down.

The solution perhaps could be a gold backed cryptocoin, but how would that work? It would have to be issued from a country that doesn't bend over to Uncle Sam ... 

[escrow.ms]

Exactly! Let the government Liquidate Bitcoins' competition for us.

and then ban bitcoin in america and seize all american bitcoin exchanges/companies. It will be easy for them.

They are Govt. They can do anything.

[escrow.ms]

The solution perhaps could be a gold backed cryptocoin, but how would that work? It would have to be issued from a country that doesn't bend over to Uncle Sam ... 

Libertyreserve was also gold backed currency. Check DGC wiki, Don't know what happened to their "GOLD".

[Rampion]

Exactly! Let the government Liquidate Bitcoins' competition for us.

and then ban bitcoin in america and seize all american bitcoin exchanges/companies. It will be easy for them.

They are Govt. They can do anything.

Yes, please! Let them seize all the Bitcoins they can find and DESTROY them! So the remaining ones will skyrocket in price

And don't forget that a) Bitcoin solves a lot of practical, real life problems. It will be used regardless of it being legal/illegal because there is a demand for it (check if prohibition got rid of gambling, drugs, prostitution, etc.); b) Bitcoin is in no way similar to Liberty Reserve, as it cannot be taken down unless you take down the internet; c) everything illegal, comes with a premium.

No fear my friends. Keep'em coming.

[escrow.ms]

Exactly! Let the government Liquidate Bitcoins' competition for us.

and then ban bitcoin in america and seize all american bitcoin exchanges/companies. It will be easy for them.

They are Govt. They can do anything.

Yes, please! Let them seize all the Bitcoins they can find and DESTROY them! So the remaining ones will skyrocket in price

And don't forget that a) Bitcoin solves a lot of practical, real life problems. It will be used regardless of it being legal/illegal because there is a demand for it (check if prohibition got rid of gambling, drugs, prostitution, etc.); b) Bitcoin is in no way similar to Liberty Reserve, as it cannot be taken down unless you take down the internet; c) everything illegal, comes with a premium.

No fear my friends. Keep'em coming.

They can't seize bitcoins, but they can make price go down, and if panic started, you can just pray.


A. LR was in demand too
B. I never said they can seize bitcoins, but they can ban bitcoin related exchange sites/companies etc in USA like they did with LR in past, that time other countries exchanger (sites) will stop accepting US customers and price will fall.

[Rampion]

Exactly! Let the government Liquidate Bitcoins' competition for us.

and then ban bitcoin in america and seize all american bitcoin exchanges/companies. It will be easy for them.

They are Govt. They can do anything.

Yes, please! Let them seize all the Bitcoins they can find and DESTROY them! So the remaining ones will skyrocket in price

And don't forget that a) Bitcoin solves a lot of practical, real life problems. It will be used regardless of it being legal/illegal because there is a demand for it (check if prohibition got rid of gambling, drugs, prostitution, etc.); b) Bitcoin is in no way similar to Liberty Reserve, as it cannot be taken down unless you take down the internet; c) everything illegal, comes with a premium.

No fear my friends. Keep'em coming.

They can't seize bitcoins, but they can make price go down, and if panic started, you can just pray.


A. LR was in demand too
B. I never said they can seize bitcoins, but they can ban bitcoin related exchange sites/companies etc in USA like they did with LR in past, that time other countries exchanger (sites) will stop accepting US customers and price will fall.

LR was in demand but could be easily taken down, as you have witnessed with your eyes. Bitcoin, CANNOT.

And BTW, Bitcoin was also left for dead in 2011. Dead for good. Wired published an article saying it was FINISHED, game over, finito, caput. Didn't you know?

They ban bitcoin related business in the US? Price *might* fall short term, but it will skyrocket long term. It's a no-brainer.

Panic doesn't last forever. Only way for the US to *really* crash the market is buying as many BTC they can to dump'em - wash, rinse and repeat until nobody wants to touch BTC with a bargepole. And they would build a lot of fortunes in that way, and even that strategy doesn't guarantee success for their interests.

And that's why BTC is a genius idea.

Let them try, we are waiting.

[Tirapon]

Its like when HSBC got shut down for laundering billions of $$$ for mexican drug cartels 

[jubalix]

Exactly! Let the government Liquidate Bitcoins' competition for us.

and then ban bitcoin in america and seize all american bitcoin exchanges/companies. It will be easy for them.

They are Govt. They can do anything.

Yes, please! Let them seize all the Bitcoins they can find and DESTROY them! So the remaining ones will skyrocket in price

And don't forget that a) Bitcoin solves a lot of practical, real life problems. It will be used regardless of it being legal/illegal because there is a demand for it (check if prohibition got rid of gambling, drugs, prostitution, etc.); b) Bitcoin is in no way similar to Liberty Reserve, as it cannot be taken down unless you take down the internet; c) everything illegal, comes with a premium.

No fear my friends. Keep'em coming.

They can't seize bitcoins, but they can make price go down, and if panic started, you can just pray.


A. LR was in demand too
B. I never said they can seize bitcoins, but they can ban bitcoin related exchange sites/companies etc in USA like they did with LR in past, that time other countries exchanger (sites) will stop accepting US customers and price will fall.

This would long term make BTC sky rocket, also the rest of the world can keep BTC trading

[BitcoinFX]

I lost 'money' with Bitcoin that I never actually had ?

Now I lost 'money' in LR that I transferred from BTC that I never saw or physically owned ?

It's a true story...

I used LR for legal and legitimate purposes such as real forex trading with regulated LR accepting brokers, such as RoboForex and others. I've designed and built profitable automated forex trading robot EA's (expert advisers) and have spent over 5 years tuning them to make profits on my trading accounts.

Before I have had the opportunity to release most of my hard earned trading profits back into fiat currency (or Bitcoin) and declare my accurate paper trail for tax purposes in the UK (despite forex trading being tax free), LR gets closed down and causes problems with most of my chosen FX brokers and my funds and trading profits are in limbo...

In short, any currency, including cash can easily be used for 'illegal' purposes by anyone if they are that way inclined. LR was a payment system being innocently used by individuals and businesses to conduct legal business activities on the internet. Governments have basically stolen peoples hard earned money (yet again, just like they did in Cyprus) without compensation or justification, because they need to fix their own messed up fiat currencies (and over inflated BS economies) that are in fact themselves nothing more than elasticated ponzi schemes. Banks and governments, go ahead and steal our money back and print more worthless pieces of paper over and above GDP again and again (or just add more zeros to computer screens in the form of treasury backed bonds).

The real criminals here are governments and politicians, not to say that the owners of LR are completely innocent either. Although, if you want to 'legally' launder money then it clearly helps to be a banker or a politician of that persuasion it would seem!

All 'money' is in fact a ponzi scheme: https://www.youtube.com/watch?v=vm3DixfL9o0 - Zeitgeist Addendum - Modern Money Mechanics

FACT.

...

Bitcoin and Liberty Reserve ? Humm... I think their was a song about it in Eurovision 2013.

The real question is which shoe is which and is he singing 'Spain', 'pain' or 'faith'? - lol

https://www.youtube.com/watch?v=0VLhnzk_dAs What a true legend!

I continue to use Bitcoin (and love and hate it at the same time), but can no longer put any 'faith' in LR, because I have no choice in the matter.

"Don't let the thieving b******s get you down". Its really not their fault!?  

[TippingPoint]

The real criminals here are governments and politicians

It is true.  And it explains why they repeatedly spend millions to get elected to a job that pays $200,000 or less.